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GVS SPA

MAY 2021

STRICTLY PRIVATE & CONFIDENTIAL

DISCLAIMER

The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any

independent third party.

This presentation does not constitute a recommendation regarding the securities of the Company.

This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by GVS S.p.A. or any of its

subsidiaries.

This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future

events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on GVS

S.p.A.’s current expectations and projections about future events. Because these forward-looking statements are subject to risks and

uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any

number of different factors, many of which are beyond the ability of GVS S.p.A. to control or estimate precisely, including changes in the

regulatory environment, future market developments, fluctuations in the price, and other risks. You are cautioned not to place undue reliance

on the forward-looking statements contained herein, which are made only as of the date of this presentation. GVS S.p.A. does not undertake

any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date

of this presentation.

Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the

corporate accounting documents at GVS S.p.A. declares that the accounting information contained herein correspond to document results,

books and accounting records.

Agenda

1 YTD March 2021 Outlook

Appendix: Additional Materials

2 Company Presentation

This document and all its contents are property of GVS. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than GVS, is severely forbidden.

YTD Mar 2021 GVS Performance Highlights

Sales: 71% of growth on the previous year

• Q1 2021 is keeping the good sales level of the second half of 2020 even considering part of the post covid scenario transition is already began.

• FY2021 expected with a final closing in a range of 345-370 M€.

EBITDA: 41,7% of Adjusted EBITDA Margin on Sales

• Strong first quarter in terms of profitability with a new improvement compared with the Full Year 2020 (40%)

NFP: 54,8 M€ of Net Available Cash.

• 28 M€ of operative cash generation

• No Extraordinary Operations in the Q1 2021

• Right of Use about 8,5 M€

Leverage KPI: Debt/Equity and NFP/EBITDA under zero level

• The two key financial KPI are solid and coherent with expectations.


YTD Mar 2021 EVOLUTION OF SALES

TOTAL SALES YTD Mar 2021: 103,0 M€ +71% YoY

All the three GVS Divisions performed with a positive trend.

Healthcare & Lifesciences with the higher trend of sales considering Health & Safety growth trend started only in Q2 2020.

Energy & Mobility on the strong Q1 2020 level starting a recovery of relative wheight on the total business.

YTD Mar 2020


Q1 2020 Q1 2021

€ 60,2

€ 103,0

Key Financial Highlights — EBITDA and EBIT

Note: margins calculated on revenues from contracts with customers excluding other income. Please refer to Appendix for further details on adjustments

1. Adjusted for non recurring costs / income;

2. Adjusted for non recurring costs / income and PPA related amortization.

Adjusted EBITDA:

• Q1 2021 adjusted EBITDA increased125,9% vs the Q1 2020, due to the mix ofproduct and the reduction of the servicecosts.

• Adjustment for a residual cost for the IPOand the GVS China sale of the buildingfacility due to the moving in the new location(Governement Agreement).

Adjusted EBIT:

• Adjusted EBIT has been adjusted for PPArelated amortization, other than non-recurring income and costs already adjustedin the EBITDA.

• Q1 2021 adjusted EBIT increased 150,4%vs the Q1 2020.

ADJUSTED EBITDA1 (€M) KEY COMMENTS

ADJUSTED EBIT2 (€M)

% on Sales

% on Sales


Key Financial Highlights — Net Income, Fin. Exp. & Taxes

Note: margins calculated on revenues from contracts with customers excluding other income. Please refer to Appendix for further details on adjustments

1. Adjusted for non-recurring costs / income and relative fiscal impact, PPA related amortization and related fiscal impact and alignment of tax rates due to fiscal reforms.

• Net Financial expenses is reducing in 2021 as a result ofthe Gross Debt reduction and rediscussion in the secondhalf of 2020.

• The tax rate (calculated as percentage of EBT) shows areduction vs the same period of 2020, but the final effectwill be defined only with the FY final tax declarations.

• Adjusted Group Net Income with a 202,4% improvementin profitability YoY.

NET FINANCIAL EXPENSES EXCL. FX GAINS/LOSSES (€M) TAXES (€M)

ADJUSTED GROUP NET INCOME1 (€M) KEY COMMENTS

% on Sales

% on Sales % EBT


Note: Capex and R&D % of revenues calculated on revenues from contracts with customers excluding other income 1. Exclude investments in financial assets; 2 Includes R&D expenses included in income statement and capitalized costs

• About 5 M€ as Capex related to the new production lines andmaintenance, with a trend in line with the normal ongoing of theGroup.

• TWC is increasing on year end 2020 due to the sales increasecoming back to an higher level of incidence on sales due to thelonger terms of payment with some customer.

• GVS is increasing the R&D investment even if the % incidenceon sales reduced to c. 5,0% due to the strong increase of thetotal sales.

CAPEX1 (€M) TRADE WORKING CAPITAL (€M)

R&D2 (€M) KEY COMMENTS

Key Financial Highlights — CapEx, TWC and R&D

% on Sales

% on Sales


% on Sales

Key Financial Highlights — Net Financial Position

1. Cash conversion calculates as (Adjusted EBITDA- Ordinary Capex)/Adjusted EBITDA). Capex exclude M&A investments.

NET FIN. INDEBTEDNESS (€M) AND CASH CONVERSION1

KEY COMMENTS

NFP has improved the level of cash availability in the Q1 2021 up to 54,8 M€, 23,1M€ more than year end 2020:

• No Extraordinary activities in the Q1 2021.

• Operative Cash flow about 38 M€ in the period.

Cash Conversion improved in the Q1 even considering it is normally a weaker period in terms of cash generation.

NFP /

Adj EBITDA

74.3% 78.9% 78.2%Cash

conversion


88.4%

VISIBILITY ON FY 2021 PERFORMANCE

FY2019

Note: Division and sub-division figures rounded to first decimal point

+60%

+52/63%

on 2019

prepandemic year

EBITDA margin 2021 is expected with a stronger trend in the first half of the year and a more

normalized trend in second half, with an overall result for the year in the range of the mid-thirties.

HC & LS

E & M

H & S

363,3

227,4

FY 2021 Guidance (€m)FY 2020

345 - 370

HC & LS

E & M

H & S+479%

-26%

+38%

Actual YoY %


Q1 2021 expected sales are in line with the guidance already presented for this year in the range of

345-370 M€ FY 2021.

UPDATE ON GVS BUSINESS


M&A pushing in different geographic areas, with focus on HC&LS and H&S.2

Organization Empowerment with main focus on Human Resources and Sales1

Geographical Expansion new commercial officies in Asia4

Increase production capacity to support Healthcare Growth5

R&D investment in new membrane developement6

Launch of new Products for each Commercial Division3

ESG Focus7

Puerto Rico Integration process8

GVS

Q1 2021

Focus

Agenda



2 Company Presentation


Massimo Scagliarini

CEO

36 years in GVS

Mario Saccone

CFO

25 years in GVS

Matteo Viola

COO

12 years in GVS

Marco Scagliarini

VP Energy &

Mobility

36 years in GVS

Luca Zanini

VP Healthcare &

Life Sciences

21 years in GVS

Pierre Dizier

VP Health &

Safety

7 years in GVS

Luca QuerzèResearch &

Development VP

23 years in GVS

• In GVS since 1985, started as Sales Manager and currently serves as CEO

• Holds a diploma in Accounting

• In GVS since 2008, started as controller and currently serves as COO

• MSc in Economics from University of Parma

• MBA from Profingest Management School, Bologna, Italy

• MSc in Economics from University Federico II, Naples

• Held several managerial position in GVS• Currently CEO of GVS Real Estate

• In GVS since 2000• Previously a sales manager in Comar Condensatori

and in SMS srl were he started his career

• MSC in International Business and Finance fromUniversité de la Méditerrannée (Marseille)

• 17 years experience in Personal Safety

• In GVS since 1998 covering different managerial roles

• MSc Engineering from University of Bologna, MBA from Profingest, Bologna

KEY PEOPLE


Our

TECHNOLOGY

supports LIFE and

guarantees

SAFETY in the

most CRITICAL

ENVIRONMENTS

GVS provides advanced filtration solution for critical application in Highly-regulated end markets


1979 1984 1989 1994 1999 2004 2009 2012 2015 2018 2019 2020

GVS economic and production improvement over the last 40 years


The Head Office and 3 manufacturing facilities are based in Italy


GVS has 14 production facilities, in several worldwide locations

BRAZIL

(1 PLANT)

Offices

Presence with production plants

Indirect

sales

MEXICO

(1 PLANT)

US

(4 PLANTS)

UK

(1 PLANT)

CHINA

(2 PLANTS)PORTO RICO

(1 PLANT)


ITALY

(1 PLANT)

ROMANIA

(1 PLANT)

Origin in healthcare

filtration

Maine acquisition: biology

Automation Automation Automation

Chemistry Chemistry

Biology

Today1979 ’90-’00 2012

ProcessFocus

ProductFocus

SolutionsFocus

Development and international expansion

Increasing complexity & increasing barriers to entry

CO

RE

CO

MP

ETEN

CES

GVS evolved from a small healthcare components supplier into a global diversified filtration group


20162017

2015

2011

2009

2012

2020

Strong M&A team with track-record of execution and successful integration

Adding capabilities and strengthening presence across China, the UK

and North America

Air Filtration

Dialysis

Laboratory Filtration

Germa

Medical

Pyxis

Fenchurch

Group

Chanchung

Nypro M. BU

Sales licenses in Japan

Filtration EPA

Laboratory Filtration

Healthcare Filtration

Nhion Nypro

Remploy

Personal safety

Protection Devices

Star Flyer

Personal safety

Energy & Mobility

Graphic

Controls

14 M&A TRANSACTIONS SINCE 2009


Haemonetics

Puerto Rico LLC

Healthcare & Life Sciences Health & Safety

Healthcare & Liquid

Healthcare Air & Gas

Laboratory

Personal Safety

Air Safety

Energy & Mobility

Powertrain & Drivetrain

Safety & Eletronics

Sports & Utility

PPE – Elipse face Masks Disposable Masks Biohazard Protection

CartridgeFilters

HEPAFilters

Carbon Loose Filled Filters

HVAC Filters

IV FiltersFlow

Regulators Transducer protectors

Disc filters

Vent caps

Blood Filters

Spirometry filters

Breathingand

anesthesia filters

Insufflation filters

Suction filters

Monitors and funnels Capsule

filters

Syringe filters

Disc Membranes

Track-etched membranes

Transfer membranes

Microporous membranes

Fuel Tank filtersUrea SCR filters

for diesel engines

Gasoline-diesel-urea Injector filters

Fuel pressure regulators

ABS/ESP filtersCabin-air intake

Ventilation membranes Engine air

management

Fuel pump and tank filters

Oil filters

Cabin airmanagement

Engine airmanagement

Divisions and Products Line


Division

2020A Revenues

Breakdown1 (%) Illustrative example of companies requiring filtration solutions2

En

d M

ark

ets

Healthcare

& Life

Sciences

Healthcare Liquid

and Healthcare

Air38%

Laboratory 6%

Health &

Safety

Personal Safety 37%

Air Safety 2%

Energy &

Mobility

13%

5%

1. Excluding €3.2m other income not attributable to single categories; 2. Most of them are GVS clients.

Over 4,600 customers, long-tenured relationship with top clients

Powertrain &

Drivetrain and

Safety &

Electronics

Sports &

Utilities

Diversified blue-chip client base


» Sales and Distribution

» Similar stringent approval processes

» Common Manufacturing processes and technologies

» High quality standards required

» Shared R&D activities

Energy &

Mobility

Healthcare

& Safety

Healthcare &

Life Sciences

GVS’s divisions differentiate for an integrated and highly synergistic business model


55Patents for proprietary

products

~80External quality audits

p.a.

~7% Of sales

in R&D

7R&D centers with

chemical and biological

know-how

International quality certificates

and awardsPreferred Supplier

110Highly skilled R&D

professionals

Our success is based on strong focus on innovation and customer satisfaction


QUALITY CERTIFICATION

GVS has obtained several Quality Certification,from several Certifiation Body


GOVERNANCESOCIALENVIRONMENTAL

• UNI EN ISO 14001 certification for

Environmental Management

System (EMS)

• Group environmental policy with

annual objectives

• Local for local production strategy

to reduce transportation-related

pollution

• Constant effort in reducing the use

of pollutiong materials

• Sustainable packaging

• Support of a range local

charitable and non-profit

organizations

• Christmas donations

• Collaboration with Schools and

Universities

• Occupational Health and Safety

certification

• Ethics Code

• Board of Statutory

auditors with 3

members

guaranteeing

protection of

shareholders’ rights

• Supervisory board

overseeing and

controlling the

governance system

• Internal approval

procedure with

segregation of duty

1 2 3

AN ESG-COMPLIANT ORGANIZATION


Agenda



2 Company Overview


Note: margins calculated on revenues from contracts with customers excluding other income

Key Financial Highlights — Income Statement


YTD Mar 21 (€m) YTD Mar 2020A YTD Mar 2021A Var. %

Healthcare & Life Sciences 28,2 44,9 59,4%

Growth %

Energy & Mobility 20,3 19,7 -3,3%

Growth %

Health & Safety 11,8 38,5 227,4%

Growth %

Revenues from contracts with customers 60,2 103,0 71,0%

Other Income 0,3 2,4

Total Revenues 60,6 105,5 74,1%

Raw Materials (16,8) (23,6)

Personnel (18,7) (27,6)

Cost of Services (7,0) (9,3)

Other Costs (0,6) (1,8)

EBITDA 17,5 43,1 146,6%

Margin (%) 29% 42%

Non recurring costs (income) 1,5 (0,2)

Adjusted EBITDA 19,0 42,9 126,4%

Margin (%) 31,5% 71,2%

D&A and write-offs (4,4) (5,1)

o/w PPA related amortization (1,0) (1,0)

EBIT 13,1 38,1 191,1%

Margin (%) 22% 63%

Adjusted EBIT 15,5 38,8 150,0%

Margin (%) 25,8% 64,4%

Net Financial Expenses net of FX gains/(losses) (1,0) (0,5)

FX gains/(losses) (0,5) 3,9

EBT 11,5 41,5 259,9%

Margin (%) 19,1% 68,8%

Taxes (2,8) (10,1)

o/w Non recurring inc./cost tax effect (0,5) (0,1)

Net Income 8,7 31,4 261,8%

Margin (%) 14,4% 52,1%

Adjusted Net Income 10,6 32,1 201,7%

Margin (%) 17,6% 31,1%

Note: margins calculated on revenues from contracts with customers excluding other income.

Key Financial Highlights — Adjustments Overview

Non recurring costs

(income)


YTD Mar 21 (€m) YTD Mar 2020A YTD Mar 2021A

EBITDA 17,5 43,1

Capital gains from sale processes and leaseback (2,2)

Start-up costs

Write-off of tax receivables

Personnel reorganization costs 0,2

Provisions to restructuring fund 0,9

Valuation of inventory at fair value

Transaction costs

IPO costs 1,3 1,0

Adjusted EBITDA 19,0 42,9

Margin (%) 31,5% 71,2%

EBIT 13,1 38,1


PPA related amortization 1,0 1,0

Adjusted EBIT 15,5 38,8

Margin (%) 25,8% 64,4%

Group Net Income 8,7 31,4


PPA related amortization 1,0 1,0

Non-recurring interest expenses (gains)

Fiscal impact of non-recurring interest expenses (gains)

Fiscal impact of amortization of intangible assets

recorded under the PPA method & non recurring(0,5) (0,1)

Alignment of tax rates due to fiscal reforms

Adjusted Group Net Income 10,6 32,1

Margin (%) 17,6% 31,1%

1 Includes also the item Current Financial Assets.

Key Financial Highlights — Balance Sheet


YTD Mar 21 (€m) YTD Mar 2020A YTD Mar 2021A

Property Plant & Equipment 46,8 69,6

Intangible Assets 102,0 95,0

Right of use 10,0 8,4

Financial Fixed Assets 0,5 1,0

Net Fixed Assets 159,2 173,9

Inventories 34,2 51,3

Trade Receivables 41,0 69,2

Trade Payables (17,9) (28,4)

Trade Working Capital 57,3 92,1

Other Current Assets / (Liabilities) (9,8) (36,1)

Net Working Capital 47,5 56,0

Other Assets / (Liabilities) 0,6 0,4

Funds and Provisions (4,2) (6,4)

Net Invested Capital 203,1 223,8

Shareholders' Equity 101,9 278,6

Financial Debt 140,9 84,5

Lease Liabilities 10,8 8,7

(Cash & cash equivalents1) (50,6) (147,9)

Net Financial Indebtedness 101,2 (54,8)

Net Financial Indebtedness / Adjusted LTM EBITDA 1,3x -0,3x

Total Sources 203,1 223,8

Key Financial Highlights — Cash Flow Statement


YTD Mar 21 (€m) YTD Mar 2021A

Adjusted EBITDA 42,9

Taxes (10,1)

Δ Net Working Capital (10,1)

Net Capex (incl. Financial assets) (5,0)

Operating Cash Flow 17,8

Net financial results (0,5)

Extraordinary items 3,9

Δ Funds and provisions 1,9

Δ Equity -

Change in net debt 23,1

BoP 31,7

EoP 54,8

• Financial Overview slides present consolidated and division financial information of GVS S.p.A. and its reporting units

• The financial information has been prepared in accordance to IFRS

• Due to rounding, numbers expressed in millions throughout this section may differ from those expressed precisely to the totals

• EBITDA is defined as the sum of net income, taxes, net financial expenses, depreciation and amortization and net impairment losses on financial assets

Basis of preparation of financials


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